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Wednesday, March 17, 2010

My first rental property - Neocyber Domain

Well, I lie. Because this isn't my 1st rental property. But it is my 1st rental property that will give me positive cashflow.
My 1st property was bought 12 years ago when I first started working. It is a small quaint apartment in Sri Damansara, which I thought would be the place I would stay after marriage. Well, by the time the apartment was built, I had already got married and had my first baby (3 years of construction is a loooong time....). And when we went to look at the place we decided that it was too small. So I rented out the property, making a loss every month, because being young and silly, I thought it was okay that the tenants subsidize the mortgage repayment. I still have the apartment and the same tenants are living there, but they are moving out at mid-year to their own place. Maybe then I can spruce up the place a bit and finally collect positive cashflow from rental to new tenants.
Back to my new serviced apartment, the Neocyber Domain. I know that the loan was fully disbursed 1 week ago, through letters from my bank. Now all I have to do is to collect the keys from the developer - after paying some "vacant possesion" fees. Of course. I hope to do this on Saturday. The unit is already tenanted to some students; the tenancy agreement will expire 30th June this year. When that happens I will furnish the place in hopes of collecting higher rental. I can't wait to do that...this will be my 1st attempt at dabbling in "interior design". Well not quite interior designing; decorating maybe....but it sounds like a lot of fun already. Anyone has any ideas for inexpensive furniture and electrical items?

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